House prices in Milton Keynes have increased slightly despite the cost of living crisis

We may be experiencing a cost-of-living crisis but house prices In Milton Keynes have increased slightly, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 16.2% over the last year.

The average Milton Keynes house price in November was £336,152, Land Registry figures show – a 0.8% increase on October.

Over the month, the picture was different to that across the South East, where prices decreased 0.5%, and Milton Keynes was above the 0.3% drop for the UK as a whole.

Over the last year, the average sale price of property in Milton Keynes rose by £47,000 – putting the area second among the South East’s 64 local authorities with price data for annual growth.

The average UK house price edged down to £295,000 in November 2022, from the previous month's record high of £296,000.

Nathan Emerson, CEO of Propertymark, which represents estate agents, said: "In November, our agents reported a market on the cusp of seeing purchasing power handed back to buyers which was a trend we hadn’t seen in months."

First-time buyers in Milton Keynes spent an average of £271,000 on their property – £38,000 more than a year ago, and £53,000 more than in November 2017.

By comparison, former owner-occupiers paid £393,000 on average in November – 44.6% more than first-time buyers.

Owners of detached houses saw the biggest rise in property prices in Milton Keynes in November – they increased 0.8%, to £576,751 on average. Over the last year, prices rose by 16.6%.

Among other types of property:

Semi-detached: up 0.8% monthly; up 17% annually; £341,203 average

Terraced: up 0.7% monthly; up 16.6% annually; £281,683 average

Flats: up 0.7% monthly; up 13.1% annually; £177,311 average

Buyers paid 16.5% less than the average price in the South East (£402,000) in November for a property in Milton Keynes. Across the South East, property prices are lower than those across the UK, where the average cost £295,000.

The highest property prices across the UK were in Kensington and Chelsea.